Unplanned overdraft fees vary from bank to bank. Over the course of a holiday or business trip, this can soon add up. Prefer to complete your application with one of our team? After reading this guide, you should have all the info you need to decide if the HSBC UK debit card is right for you. Our arranged overdrafts have an interest rate of 39.9% EAR (variable), with an interest-free buffer of at least 25. OSB_/..+..Tp*9JNSTp*9JNSY*6a:Lue G8&hlB %Z If you withdraw cash or spend in a foreign currency, you'll pay a fee of at least 2.75%. 0000003482 00000 n The interest-free buffer is 25 or higher on most of our accounts. endobj 152 0 obj It takes into account not just the interest, but also any other charges that may have to be paid and any interest-free amount. . A list of banks in Switzerland, including more information on some of the biggest and most popular retail banks in the country. If you want to check if youre likely to get an overdraft without making an application, you can use our eligibility checker. You can pay your overdraft back by transferring money into your current account. Arranged overdraft limit Enter a value between 0 and 3,000 This is a Arranged overdraft limit fieldset consisting of an input field and slider and changing the value in one field will update the value in the other. Based on an assumed arranged overdraft of1,200for an HSBC Bank Account Pay Monthly, the rate is 0% EAR (variable) on the first 25,39.9%EAR (variable) thereafter, giving a representative rate of38.9%APR (variable). The rates on these overdrafts are currently around 16% - 20%. Typically, youll agree an overdraft limit with your bank or lender this is known as an arranged overdraft. endobj Our website doesn't support your browser so please upgrade. If you don't provide your mobile number, or let us know you've changed it, we won't be able to send them and you may incur avoidable charges. <>stream 0000000016 00000 n This fee accrues daily and is charged regardless of whether the overdraft has been used, for an Overdraft Limit of above 200 only. The bank is also emphasizing their Barclayloan debt refinancing option for those who qualify. But an additional feature is a 50 buffer for unarranged borrowing to cover short-term needs. 0000005233 00000 n If you're a HSBC Jade customer, we're increasing your interest free overdraft amount to 1,000.The Monthly Maximum Charge is the maximum amount we might charge you in a month for having an unarranged overdraft. Banks should have an overdraft cost calculator on their website, which you can use to see how much an overdraft might cost you. HSBC Group | Copyright HSBC Group 2002-2023. It offers everyday banking services, including a debit card and mobile banking. This website is designed for use in the Channel Islands & Isle of Man. From 9th April, for a three month period, HSBC UK will increase the temporary interest-free buffer for millions of Bank Account and Advance Account overdraft customers from 300 to 500. 0000035683 00000 n <>stream 0000036158 00000 n 0000002744 00000 n Debit interest will still be charged on all overdrawn balances. 0000008166 00000 n If we see that an overdraft is being used very regularly, well get in touchtomakeyou aware you may be incurring high and avoidable costs, and to ask you to try to avoid this in future. This is how all UK banks must show interest rates on their overdrafts, to make it easier for you to compare one banks overdraft with another. As an example, if you have an HSBC Bank Account (which has a 25 interest-free buffer) and borrow 1,200 for 30 days, it would cost you 32.88 in interest. .fA+_HTBz^QE]K+;gG}SeMqYNvjfbJt\Xod@hLRV~IUC[s{mcyuainAZF|rdlpx"zcU@q^ | To help Bank Account Pay Monthly customers manage their finances, we send text alerts the morning after your balance reaches 60%, 80% or 95% of your overdraft limit. 0000003398 00000 n Use of an overdraft will normally result in you being charged interest. You can reduce your overdraft at any time. The account also offers additional perks, such as discounts and cashback as part of the HSBC home&Away rewards programme., This is HSBCs premium account for over 18s, with no monthly account fee and lots of benefits and extra services. It can help in months where there are extra expenses and unplanned events. 0000014956 00000 n Based on an assumed arranged overdraft of1,200for an HSBC Premier Bank Account, the rates are 0% EAR (variable) on the first500,39.9%EAR (variable) thereafter, giving a representative rate of21.8%APR (variable). Information regarding other forms of borrowing is available on our website. EAR(Effective Annual Rate) takes account of the interest rate, the compounding of interest and how often interest is charged. 138 0 obj Youll need to bring identification, proof of address and a recent bank statement. <>/Border[0.0 0.0 0.0]/C[]/F 4/FT/Btn/Ff 65536/H/P/MK<>/TP 1>>/OC 130 0 R/P 135 0 R/Parent 101 0 R/Rect[444.047 6.51968 481.039 17.2913]/Subtype/Widget/T(Page 1)/Type/Annot>> Representative example: Based on an assumed arranged overdraft of1,200for an HSBC Bank Account, the rate is0% EAR (variable)on the first 25,39.9% EAR (variable)on anything above that, giving a representative rate of38.9% APR (variable). 128 0 obj Not all overdrafts are interest-free or come with an interest-free amount. <>/Subtype/Form>>stream Next, click 'View more' in the menu and select Manage arranged overdraft'. 0000035991 00000 n Anunarranged overdraftis when your account goes overdrawn and you dont have an arranged overdraft, or you go over your arranged limit. endobj This could make it an expensive way to spend internationally. It's easy to answer your query online. [137 0 R 138 0 R 139 0 R 140 0 R 141 0 R 142 0 R 143 0 R 144 0 R 145 0 R 146 0 R 147 0 R 148 0 R 150 0 R] <> You will be able to find out what your overdraft rate is by looking at your most recent current account statement. This is a card you can use to make cash withdrawals from ATMs, and may also be used to pay for goods and services in person, online or over the phone. Most of ouraccounts (except our Basic Bank Account) come with an interest-free buffer. Just request support by 10 May 2023. Some examples are: There are a number of waysyou can reducespending or increase your income. There are also several other ways you can keep an eye on where your balance is in relation to your overdraft limit: You can get text message alerts sent to your mobile at no extra cost to let you know you when youre nearing your limit you can set these up via online banking or by calling us on 03456 00 61 61 (your carrier may charge for text alerts). You can also contact us by phone or go to a branch. 141 0 obj This cap covers any interest for going over/past your arranged overdraft limit. This will also apply to any joint accounts held. <> 2.75%. This could take up to 7 working days as were expecting a high number of requests, so please bear with us. Arranged and unarranged overdrafts: An arranged overdraft is when you agree with your account provider in advance that you may borrow money when there is no money left in your account. best UK bank accounts for international students, HSBC - Advance account - Fee Information Document, Free (ATM operators may charge their own fee), Withdrawing cash overseas or in foreign currency, The option to use your card with digital wallets such as Apple Pay, Google Pay and Samsung Pay, Access to online banking and the HSBC mobile banking app, No monthly maintenance fees for current accounts. Receive an instant decision if you've already got an account. <> Our Overdraft Service isnotavailable on Basic Bank Account. A debit is money withdrawn from your bank account. All overdrafts are repayable on demand. Lastly, you may be eligible for reduced or waived overdraft interest charges or payment plan options - call 0800 161 5234 to find out. Introducing interest free overdraft amounts on more accounts A higher amount is included with our Student, Graduate,Premier (including retained Jade benefits) and Private Banking Account customers. Even if youhaven'texceeded your arranged overdraft limit, your use could be causing you to incur high avoidable charges. endstream You can opt out of the arranged or unarranged texts at any time by phone, or by calling into branch. We'llconfirm thatyou'reeither: Overdrafts are designed for short-term borrowing. An overdraft is a way of borrowing money through your current account. Bank Account Pay Monthly was specially introduced to help customers keep a firmer grip on their account. endobj 124 0 obj There may be other service providerswho chargefor this service. <> If you go into an unarranged overdraft we'll charge you the same rate we would if you were using your arranged overdraft, and we will cap the charges at 15.50 per month, so you will never pay more than that. 0000026829 00000 n 0000027330 00000 n We dont charge overdraft interest if covering funds are paid in before 23:45 on the day you go overdrawn. * Security may be required - each case is considered on its individual merits. If youre unable to pay back anything youve borrowed, your bank may be able to help. It takes into account not just the interest, but also any other charges that may have to be paid and any interest-free amount. Choose the relevant account that you'd like to manage your overdraft for. With prices continuing to rise sharply, our focus is on offering support wherever we can. Credit Reference Agencies (CRAs) collect and hold secure information about your credit history, including: If you manage your account and overdraft well, this can help build your credit score. Need a hand with the rising cost of living? The only cost to you will be the overdraft interest you pay. Youll then be able to borrow up to that limit without any issues. All rights reserved. Our overdraft text alerts help you avoid being charged overdraft interest. All rights reserved. Take a look at the dedicated HSBC student account, which includes an option for international students whove lived in the UK for less than 3 years. When you use your debit card, the amount of the transaction is debited from your account. You might make a transfer between two of your own accounts, for example, from an everyday bank account to a savings account. 0000007686 00000 n This is a company, or person, that you're paying. The table below shows how fees are changing across HSBC and its other brands First Direct and M&S Bank. We make switching banks simple. The company can change the amount or date, but they must notify you of the change first. 0000004935 00000 n This gives you cashback, discounts and offers on shopping, dining, travel, experiences and more, with offers changing all the time. Using your overdraft less should mean youre charged less. Many banks, including HSBC, can withdraw your overdraft and request repayment at any point, so its crucial not to become reliant on it. Visit our Help page to find out how. Your available balance is the money you have available to spend, taking into account any pending payments and excluding any checks that haven't yet cleared, as well as any arranged overdraft limit you may have agreed with your banking provider. Follow HSBC UK on Facebook This link will open in a new window, Follow HSBC UK on Twitter This link will open in a new window, Follow HSBC UK on YouTube This link will open in a new window, Our website doesn't support your browser so please upgrade, View our service status to see how we're doing, Careers, media, investor and corporate information. <> If your request for an overdraft is approved, you'll know that when you keep within your limit all your payments will be made and no overdraft fees will apply. These rates wont apply if you have an account with a negotiated rate (where weve separately agreed a non-standard rate for your overdraft). You can reduce your arranged overdraft limit or ask to increase it in our app or online banking. This will cost you more in the long run. Most accounts come with an agreed overdraft limit, which is designed to help people who inadvertently go into the red. 126 0 obj However, its important to understand everything associated with your overdraft before using it. Well also send you alerts to remind you when an overdraft limit is due to expire, or to ask you to pay in covering funds to make sure a payment is made. These new alerts aim to help you manage your balance and will give you an opportunity to avoid any overdraft charges. If you have any further queries, or need help understanding your overdraft, please visit ourFAQssection. 0000035599 00000 n If you want to reduce your limit, youll need to reduce the amount youve borrowed to less than your new limit. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. 0000008376 00000 n All customers can ask for support withmanaging their money. Overdrafts are subject to status and aren't available if you're under 18 or hold an HSBC Basic Bank Account. As you can see, you'll need to be careful when using your HSBC debit card abroad. You can request to increase your arranged overdraft limit up to 3,000 by your third year of study, and the bank will automatically switch you to a graduate current account on course completion. We will normally charge you unarranged overdraft interest of39.9% EAR variableon any day your account is in unarranged overdraft. Where can I get help if I'm worried about my finances? Whats more, all HSBC cardholders have access to the home&Away offers programme. A list of banks in Germany, including more information on some of the biggest and most popular retail banks in the country. Lenders must tell you the APR before you sign a credit agreement with them. endobj The representative APR shows the cost of borrowing over a year, so you can use it to compare the cost of our overdraft against other overdrafts and ways of borrowing. Or you can ring us on03456 00 61 61 any time of the day or night to check your balance using our automated service. %PDF-1.7 % Unarranged overdraft; Arranged overdraft; No fee; 0 EAR variable; . An unarranged overdraft request is when you authorise a payment that would take your account overdrawn or beyond your arranged limit without agreeing in advance, an overdraft to cover the payment. 146 0 obj The monthly cap on unarranged overdraft charges for Monzo personal current account is 15.50.
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